Nicaragua/Economy

Economy - overview: Nicaragua is one of the hemisphere's poorest countries, with low per capita income, flagging socio-economic indicators, and huge external debt. The country has made significant progress toward macro-economic stabilization over the past few years - even with the damage caused by Hurricane Mitch in the fall of 1998. International aid, debt relief, and continued foreign investment have contributed to the stabilization process. GDP grew 6.3% in 1999, while inflation remained about 12%, and unemployment dropped. Nicaragua may qualify for the Highly Indebted Poor Countries (HIPC) initiative, though aid is conditioned on improving governability, the openness of government financial operations, poverty alleviation, and human rights.

GDP: purchasing power parity - $12.5 billion (1999 est.)

GDP - real growth rate: 6.3% (1999 est.)

GDP - per capita: purchasing power parity - $2,650 (1999 est.)

GDP - composition by sector:
agriculture: 34%
industry: 22%
services: 44% (1998)

Population below poverty line: 50% (1999 est.)

Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 39.8% (1993)

Inflation rate (consumer prices): 12% (1999 est.)

Labor force: 1.7 million (1999)

Labor force - by occupation: services 43%, agriculture 42%, industry 15% (1999 est.)

Unemployment rate: 10.5% (1999 est.); considerable underemployment

Budget:
revenues: $527 million
expenditures: $617 million, including capital expenditures of $NA (1998 est.)

Industries: food processing, chemicals, machinery and metal products, textiles, clothing, petroleum refining and distribution, beverages, footwear, wood

Industrial production growth rate: 3.2% (1998 est.)

Electricity - production: 2.714 billion kWh (1998)

Electricity - production by source:
fossil fuel: 53.43%
hydro: 35.34%
nuclear: 0%
other: 11.23% (1998)

Electricity - consumption: 2.52 billion kWh (1998)

Electricity - exports: 99 million kWh (1998)

Electricity - imports: 95 million kWh (1998)

Agriculture - products: coffee, bananas, sugarcane, cotton, rice, corn, tobacco, sesame, soya, beans; beef, veal, pork, poultry, dairy products

Exports: $573 million (f.o.b., 1998 est.)

Exports - commodities: coffee, shrimp and lobster, cotton, tobacco, beef, sugar, bananas; gold

Exports - partners: US 35%, Germany 13%, El Salvador 10%, Spain 4%, Costa Rica 4%, France 2% (1998)

Imports: $1.5 billion (c.i.f., 1999 est.)

Imports - commodities: machinery and equipment, raw materials, petroleum products, consumer goods

Imports - partners: US 31%, Costa Rica 11%, Guatemala 8%, Venezuela 6%, El Salvador 5%, Mexico 4% (1998)

Debt - external: $5.7 billion (1999 est.)

Economic aid - recipient: pledges of $1.4 billion in new aid in 1999

Currency: 1 gold cordoba (C$) = 100 centavos

Exchange rates: gold cordobas (C$) per US$1 - 12.29 (December 1999),11.81 (1999), 10.58 (1998), 9.45 (1997), 8.44 (1996), 7.55 (1995)

Fiscal year: calendar year